Final answer:
An amortizing mortgage is a mortgage loan with scheduled payments of both principal and interest over a designated period until the loan is fully repaid. The characteristic that distinguishes this type of mortgage is that the amortization and term are identical.
Step-by-step explanation:
The term for a mortgage loan with specified scheduled payments, including both principal and interest, paid over a designated period until the maturity date when the loan is fully repaid is called an amortizing mortgage.
What distinguishes this type of mortgage is that the amortization and term are identical. This means that the monthly payments are calculated in a way that the loan is fully paid off by the end of the term.
For example, if you have a 30-year fixed-rate mortgage, the monthly payments will be calculated based on a 30-year amortization schedule, with the loan fully repaid at the end of the 30-year term.